The Nigerian Exchange (NGX) closed the week ended October 3, 2025, on a positive note, reversing the losses seen earlier in the quarter. The All-Share Index advanced by 1,451.01 points to settle at 143,584.04, reflecting a 1.02% weekly gain. This uptrend was largely powered by renewed buying interest in energy and industrial stocks, led by Eterna Plc and Nigerian Enamelware Plc.
Despite a marginal decline in trade volume — from 2.99 billion to 2.95 billion shares — market capitalization climbed to ₦91.13 trillion, up from ₦89.96 trillion the previous week. The overall sentiment remained optimistic as investors sought value in select sectors ahead of third-quarter earnings reports.
Market Momentum and Breadth Improve
Trading activity showed consistent growth throughout the week. Every session ended in positive territory, a rare occurrence in recent months. Monday kicked off with mild gains, setting the tone for a bullish run that continued after Wednesday’s public holiday. By Friday, the index had recorded its strongest daily rise of 604.6 points.
The improvement in market breadth further confirmed investor confidence. Fifty-three equities posted gains, compared to 32 in the previous week. Forty-three declined, while 51 closed unchanged — a sign of stabilizing sentiment across the board.
Sectoral Performance: Oil and Gas Lead the Charge
The oil and gas sector was the week’s biggest winner. The NGX Oil and Gas Index surged 5.68%, supported by Eterna’s impressive 32.80% gain and Aradel Holdings’ 16.09% advance. Both companies benefited from stronger crude oil prices and renewed investor optimism in the downstream sector.
The industrial goods index followed with a 1.66% rise, driven by gains in Austin Laz, Cutix, Triple G, BUA Cement, and Berger Paints. Banking stocks also had a productive week as the NGX Banking Index climbed 1.17%, powered by Fidelity Bank’s 11.11% increase. Consumer goods stocks posted smaller gains, with the index inching up 0.13%. However, insurance stocks underperformed, with the NGX Insurance Index falling 2.02%.
Top Performing Stocks of the Week
Eterna Plc topped the list of weekly gainers, closing at ₦37.05 after rising 32.80%. Nigerian Enamelware Plc followed with a 20.94% surge to ₦42.45. Other notable performers included:
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PZ Cussons Nigeria Plc: +20.87% to ₦41.70
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LivingTrust Mortgage Bank Plc: +18.25% to ₦6.09
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Eunisell Interlinked Plc: +17.56% to ₦39.50
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Aradel Holdings Plc: +16.09% to ₦650.10
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Chams Holdings Plc: +13.24% to ₦3.85
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Fidelity Bank Plc: +11.11% to ₦20.50
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UACN Plc: +10.00% to ₦73.70
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SFS REIT: +10.00% to ₦346.55
Stocks That Declined
On the downside, Julius Berger Nigeria Plc led the losers, shedding 17.79% to close at ₦122.90. International Energy Insurance Plc followed with an 11.08% drop to ₦2.97. Other underperformers included Union Dicon Salt, AXA Mansard Insurance, University Press, Learn Africa, Sovereign Trust Insurance, John Holt, Guinea Insurance, and Prestige Assurance.
Corporate Updates and Market Developments
Several corporate actions shaped investor sentiment during the week. Eunisell Interlinked Plc released its audited financials for the year ended June 2025, while International Energy Insurance Plc published its Q2 2025 results. Ellah Lakes Plc announced plans to acquire Agro-Allied Resource & Processing Nigeria Limited, signaling expansion in the agribusiness space. Additionally, UACN Plc confirmed regulatory approval for the sale of Chivita/Hollandia (CHI) to UAC of Nigeria Plc.
Market Outlook: Momentum Builds Ahead of Q3 Earnings
With the All-Share Index now above the 143,000 mark, investors are eyeing the 145,000 level as the next resistance point. Analysts believe sustained strength in oil and gas, coupled with improving liquidity, could push the index higher in the near term.
Large-cap stocks that had recently experienced selloffs are beginning to attract fresh interest, suggesting that market sentiment is gradually shifting toward renewed growth as Nigeria’s capital market enters the final quarter of 2025.
